Congress isn’t known for it’s work ethic; in fact it seems that they work the very hardest when they’re trying to get elected and take a whole lot of recesses after that. Unfortunately, between the long breaks and the conflicting parties arguments, getting legislations passed seems insurmountable at times.
This year though, Republicans have one distinct advantage; we have majorities in both houses of congress, and of course a Republican President. One of the major issues that both congressmen and the President campaigned on was tax reform. The American people are more than ready to see more responsibility from the federal government as to what they do with our tax dollars, and maybe a reduction in the amount they take.
Finally some progress is being made toward that end, and we didn’t need the Democrats to do it. The Hill reports about the budget that the House of Representatives passed, without the help of a single Democrat.
“House passes budget, paving way for tax reform: The House passed its 2018 budget resolution Thursday in a party-line vote that represents a step toward its goal of sending tax-reform legislation to President Trump.
In a 219-206 vote, lawmakers approved a budget resolution for 2018 that sets up a process for shielding the GOP tax bill from a filibuster in the Senate.
A total of 18 Republicans voted against the resolution, along with all the Democrats who were present.”
Here’s hoping those 18 Republicans get an ear full from their constituency about why they voted against a budget that would allow for tax reform. Regardless, the rest of the party proved that we can still get measures important to us passed, even if we have a few straggling defectors along the way.
“GOP lawmakers hailed the vote as meaningful because of the tax measure.
‘We haven’t reformed this tax system since 1986. We need to pass this budget so we can help bring more jobs, fairer taxes and bigger paychecks for people across this country,’ Speaker Paul Ryan (R-Wis.) said during House floor debate.
Democrats lambasted it for the same reason.
‘This budget isn’t about conservative policy or reducing the size of our debt and deficits. It’s not even about American families. This budget is about one thing — using budget reconciliation to ram through giant tax giveaways to the wealthy and big corporations — and to do it without bipartisan support,’ said Rep. John Yarmuth (D-Ky.), the ranking member of the House Budget Committee. “
If by “the wealthy” they mean those not on welfare, than I’d have to agree. Those of us not on government hand outs (especially business owners) would like to hold onto more of the money that we make, instead of letting the government distribute it for us.
The reason this measure passed with the ease that it did goes back to that solid majority that Republicans have. The reason that we hold that position is because the Republican platform reflects that of the majority of Americans. We’re mostly middle class, hard working and looking for a break. We’ve gotten fed up with the liberal agenda, and we’re ready for relief.
Now that the House of Representatives have done their job, they pass it off to the Senate Republicans, in hopes that they’re going to be able to pass the tax reform legislation that is so desperately needed without having to withstand a filibuster. Republicans only need 50 votes to get the job done, and since the party holds 52 Senate seats, the chances are promising.
We don’t yet know all the details of what the tax reform will bring, but Republicans noted the tax plan will have a $5 trillion cut in the next ten years. With this, Medicaid expenditures will be cut to about $1 trillion in the upcoming decade.
We do, however, have a few more details from our source about the coming changes:
Consumer bureau releases payday lending rule: The Consumer Financial Protection Bureau released a long-anticipated rule Thursday that’s meant to protect short-term, high-interest loan customers from being trapped with debt.
The CFPB’s action targets lenders that offer small loans with short payback timeframes and interest rates, often called “payday” loans. Such loans, which sometimes use car titles as collateral, are often used by low-income customers in need of extra money to cover basic expenses.
The CFPB’s rule is the final step of a years-long effort to hold payday and car title lenders to stricter standards that could hamper much of the industry. CFPB Director Richard Cordray called the rule “a stop to the payday debt traps that have plagued communities across the country.”
“Too often, borrowers who need quick cash end up trapped in loans they can’t afford.” Cordray said. “The rule’s common sense ability-to-repay protections prevent lenders from succeeding by setting up borrowers to fail.” I break down the 1,600-page rule here: http://bit.ly/2xldr2b.
Senate confirms Trump’s first Fed nominee: The Senate on Thursday confirmed Randal Quarles to serve on the Federal Reserve’s Board of Governors, where he’ll oversee the central bank’s financial regulation efforts.
Quarles, a top Treasury Department official under former President George W. Bush, will serve as the Fed’s first vice chairman for supervision, a position created by the Dodd-Frank Act to bolster federal oversight of major banks.
Quarles is the first member of the Fed nominated by President Trump, who’ll have several chances to reshape the central bank. Trump is currently mulling whether to replace Fed Board Chairwoman Janet Yellen when her term expires in February, and Vice Chairman Stanley Fischer is scheduled to leave the bank by the middle of October.
The Senate cleared Quarles 65-32, with 14 Democrats voting in favor his confirmation. No Republicans opposed Quarles, while Sens. Thad Cochran (R-Miss.), Dean Heller (R-Nev.) and Catherine Cortez Masto (D-Nev.) were not present for the vote. Cochran is currently recovering from a medical issue, while Heller and Cortez Masto are in Nevada responding to the Las Vegas concert shooting that killed more than 50 people.
[H/T: The Hill]